JPMorgan: 5 Investment Tips for 2014

JPMorgan's David Kelly has drafted a five-point list. Among his resolutions: "income is more important than yield."

Entering 2014, the global investment environment is as challenging as ever. After a super 2013 in returns, U.S. equities can no longer be considered inexpensive and yet still look attractive relative to the prospective returns on savings accounts and long-term bonds. Long-term bond yields are higher than a year ago but could still rise further as the Federal Reserve begins to reduce quantitative easing.

While many international stocks appear more attractive than their U.S. counterparts, both developed nations and emerging...